They’re Making it Rain Pens at the IIA Conference in Philly

Posted on November 25, 2013 by Adrienne Gonzalez

BREAKING from a tipster apparently attending the fall conference of the Institute of Internal Auditors:

2 hours into the IIA Philly conference and I already have 5 free pens. Score!

If you'd said two pens, I'd say the claim is immaterial but when you get into five… sorry, bro, but I'm going to need photographic confirmation on this. Are they good pens or those busted Bic ones? Have they actually been given to you or are you running from table to table taking as many as you can get your greedy little paws on? We need these details.

While we're on the topic of tchotchkes (sort of), anyone want to set up a tchotchke swap? Here's what I can put on the table:

AICPA/KPMG tote bag (the *good* kind of tote bag with a zipper and pockets and stuff)
Approximately 47 Bic pens lifted from the JW Marriott while attending AICPA events
AccountingWEB metal water bottle with half a logo remaining
AICPA water bottle
Wiss & Company water bottle
Various AccountingWEB/GC Post-it notes
AccountingWEB hand sanitizer pen… no wait, I'm keeping that one, it's freaking genius and comes in handy when I'm shaking hands
Reznick "fake" Rubiks cube
Old logo EY note-taking booklet with tiny little Post-its
Freshbooks floppy beach hat
Up to 70 old logo Going Concern luggage cozies

I also have a nice assortment of media and Fed items but the only thing I'm willing to trade of my Fed collection is bags of shredded money in denominations of $100, of which I have an unlimited supply. HMU, people.

OP, please check back in about the pens.

News

The ECB Doesn’t Like FASB Fair Value Nor Prospects for a Single Global Standard Come 2011

Adrienne Gonzalez
April 28, 2010

European Central Bank Executive Board member Gertrude Tumpel-Gugerel insists that fair value is useless in illiquid (read: dysfunctional or non-existent) markets, putting forth the all-important query “what is the use of marking-to-market when there is no market?” in a Paris speech yesterday.

Tumpel-Gugerel is also a tad concerned that the push for convergence around the globe by 2011 could mean compromised accounting standards. “The ECB strongly opposes a full fair value approach,” she said. “In this context, convergence should not come at the expense of high-quality accounting standards.”

The ECB has taken the financial crisis as a lesson in valuation, guidance, and a deft accounting system that leaves plenty of slack available for adjustments should the need arise in, say, a crisis situation. That’s all well and good but guidance only gets you so far and without a firm commitment to when and how to use fair value around the globe, we can pretty much keep debating this point indefinitely.

Her views on FASB’s fair value approach are not at all subtle. In short, it appears as though the ECB supports convergence but only if the idiotic American ways are better aligned with the IASB’s. “With regard to recent assertions made by the IASB and FASB that convergence is on track, I would like to highlight that we are not so optimistic,” she said. “In this regard, putting in place a reconciliation mechanism that simply discloses figures at amortised cost and fair value for each item on the balance sheet would certainly not achieve the aim of convergence.”

Well snap, guess she told us.

Elements for intervention on accounting issues [ECB]